The price of Bitcoin and other major cryptocurrencies is on the climb today after the European Central Bank dismissed fears of an imminent ban. Last month, the slide of Bitcoin became so severe that the mini-crash was described as a ‘bloodbath’ and a ‘horror show’, before eventually being dubbed the ‘cryptopocalypse‘.
But since then, the price of most major virtual currencies has been climbing, although all crypto-markets remain highly volatile and prone to dramatic wobbles. The price of one Bitcoin is sitting at about $8,800 (£6,340) this morning, which is an increase of about $400 from its lowest point yesterday.
Mario Draghi, President of the European Central Bank (ECB), said it was not his organisation’s job to regulate Bitcoin. He also warned the public about the risks associated with the volatile cryptocurrency, which is prone to dramatic surges and crashes.
Governments are showing a growing appetite for new rules to regulate the crypto-markets, which have seen wild price swings and a series of heists as well as a rapid proliferation in the number of coins on offer. But in a video response to questions from the public, Draghi said banning or regulating digital dosh was not one of the ECB’s tasks.
‘Many of you posted questions about whether the ECB is going to ban Bitcoins or it’s going to regulate Bitcoins,” Draghi said. ‘I have to say it’s not the ECB’s responsibility to do that.’ The head of the Bank for International Settlements, Agustin Carstens, called last week for central banks to end what he described as the ‘Ponzi scheme’ of cryptocurrencies, by restricting their access to banks and financial infrastructure. Read more from metro.co.uk…
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